Be it enacted by the Legislature of the state of Utah:
Section 1.
Section
13-5a-101
is enacted to read:

CHAPTER 5a. UNFAIR COMPETITION ACT

13-5a-101. Title.This chapter is known as the "Unfair Competition Act."

Section 2.
Section
13-5a-102
is enacted to read: 13-5a-102. Definitions.As used in this chapter:(1) "Control" means:(a) ownership of more than 5% of the voting shares or ownership interests of an entity;(b) the power to vote more than 5% of the voting shares of an entity; or(c) the ability to influence the management of an entity.(2) "Cyber-terrorism" means:(a) the unlawful use of computing resources to intimidate or coerce others;(b) accessing a computer without authorization or exceeding authorized access;(c) willfully communicating, delivering, or causing the transmission of a program,information, code, or command without authorization or exceeding authorized access;(d) intentionally or recklessly:(i) intends to defraud or materially cause damage or disruption to any computingresources or to the owner of any computing resources; or(ii) intends to materially cause damage or disruption to any computing resourcesindirectly through another party's computing resources.(3) "Depository institution" is as defined in Section
7-1-103
.(4) (a) Except as provided in Subsection (4)(b), "unfair competition" means an intentionalbusiness act or practice that:(i) (A) is unlawful, unfair, or fraudulent; and(B) leads to a material diminution in value of intellectual property; and(ii) is one of the following:(A) cyber-terrorism;(B) infringement of a patent, trademark, or trade name;(C) a software license violation; or(D) predatory hiring practices.(b) Notwithstanding Subsection (4)(a), "unfair competition" does not include the

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departure and hiring of an employee by a competitor.
Section 3.
Section
13-5a-103
is enacted to read: 13-5a-103. Private action for unfair competition.(1) (a) Except as provided in Subsection (2), a person injured by unfair competition maybring a private cause of action against a person who engages in unfair competition.(b) In an action under this Subsection (1), a person injured by unfair competition mayrecover:(i) actual damages;(ii) costs and attorney fees; and(iii) if the court determines that the circumstances are appropriate, punitive damages.(2) A person may not bring an action described in Subsection (1) against:(a) a depository institution; or(b) an entity that:(i) controls a depository institution;(ii) is controlled by an entity that controls a depository institution; or(iii) is controlled by a depository institution.